• Communications for Statistical Applications and Methods
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• v.29 no.1
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• pp.85-101
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• 2022

Derivative-linked securities (DLS) is a type of derivatives that offer an agreed return when the underlying asset price moves within a specified range by the maturity date. The underlying assets of DLS are diverse such as interest rates, exchange rates, crude oil, or gold. A German 10-year bond rate-linked DLS and a USD-GBP CMS rate-linked DLS have recently become a social issue in Korea due to a huge loss to investors. In this regard, this paper accounts for the payoff structure of these products and evaluates their prices and fair coupon rates as well as risk measures such as Value-at-Risk (VaR) and Tail-Value-at-Risk (TVaR). We would like to examine how risky these products were and whether or not their coupon rates were appropriate. We use Hull-White Model as the stochastic model for the underlying assets and Monte Carlo (MC) methods to obtain numerical results. The no-arbitrage prices of the German 10-year bond rate-linked DLS and the USD-GBP CMS rate-linked DLS at the center of the social issue turned out to be 0.9662% and 0.9355% of the original investment, respectively. Considering that Korea government bond rate for 2018 is about 2%, these values are quite low. The fair coupon rates that make the prices of DLS equal to the original investment are computed as 4.76% for the German 10-year bond rate-linked DLS and 7% for the USD-GBP CMS rate-linked DLS. Their actual coupon rates were 1.4% and 3.5%. The 95% VaR and TVaR of the loss for German 10-year bond rate-linked DLS are 37.30% and 64.45%, and those of the loss for USD-GBP CMS rate-linked DLS are 73.98% and 87.43% of the initial investment. Summing up the numerical results obtained, we could see that the DLS products of our interest were indeed quite unfavorable to individual investors.

• Economic and Environmental Geology
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• v.43 no.2
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• pp.73-84
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• 2010

Gold and silver deposits within the Eunjeok and Sangeun mines are located in Yeongam district, Cheollanamdo-province. They are composed of vein ore bodies infilling the fractures of Cretaceous rhyolitic tuff. The Eunjeok mine have three gold and silver bearing hydrothermal veins which is infilling the fracture of rhyolitic tuff. Major ore minerals within the Eunjeok and Sangeun mines are arsenopyrite, pyrite, chalcopyrite, sphalerite and galena and minor ores are electrum, native silver and argentite. Sericitization is dominant in alteration zone and chloritization and dickitization is minor. Quartz veins in the Eunjeok and Sangeun mine have the similar paragenesis and vein textures such like breccia, crustiform, comb and vuggy morphology indicating the formation of typical epithermal environment. In order to carry out the preliminary feasibility study of mine according to the commodity and elucidate the occurrence features of mineral resources from Eunjeok and Sangeun mine, common commodity (Pb, Zn, Cu, Fe, Mo, W, Au and U), and industrial commodity (In, Re, Ga, Ge, Se, Te, Y, Eu and Sm) for 17 ore specimen were analyzed. It is tentatively thought that there is no exploitable mine for iron, lead, zinc, copper, tungsten and uranium based on the preliminary result. If the reserves are secured through the detailed prospecting in case of molybdenum and silver, it is tentatively thought that there will be exploitable deposits depending on international metal price. If we assume the vein width from 0.25 m to 2 m including alteration zone with the gold grade of 80g/t, it is inferred that the resources amount of the Eunjeok-Sangeun mines range from 6.5 to 65ton. However, as the vein structure of the Eunjeok and Sangeun mines is developed together with alteration zone, it should be estimated to include potential alteration zone in order to yield the average grade. It is needed to carry out more exploration in the near future because the reserves can be flexibly estimated according to the change of average grade considering the alteration zone.

• Economic and Environmental Geology
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• v.41 no.3
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• pp.287-297
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• 2008

In order to estimate the preliminary development feasibility according to the commodity, the content of 8 strategic metallic commoditites(Pb, Zn, Cu, Fe, Mo, W, Au, U) in 68 ore specimens obtained from 34 metallic mines within the Taebaegsan-Hwanggangri mineralized zone were analyzed. Analytical results are as follows. The ore specimen of Sangdong mine contained 23% copper(cut-off grade=0.7%) and those of Cheongil and Samhwanghak mines contained average 5% zinc(cut-off grade=2.0%). Especially, the detailed investigation on the above-mentioned mines is required. And, in case of molybdenum(cut-off grade=0.02%) content in Yeonhwa No. 2(0.04%) and Hong-cheon mine(0.02%), and lead(cut-off grade=0.58%) content in Wongasa mine(0.70%), and gold(cut-off grade=10ppm) content in Dongmyoung(279ppm) and Samhwanghak mine(251ppm), it is required to elastically carry out the revaluation on reopening of mines in terms of the international metal price. On the other hand, in case of uranium, iron and tungsten, it is thought that there are no mines with the development potential value in this study.

• The Journal of Korean Academy of Prosthodontics
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• v.37 no.2
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• pp.212-234
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• 1999

Dental restorative materials must have the physical properties to withstand wear and corrosion. Base metal alloys possess better mechanical properties and lower price than the gold alloys. For these reasons such alloys have largely replaced the precious metal alloys. One aspect to con-sider is the release of metal substances to oral environment. The release of elements from dental alloys is a continuing concern because the elements may have the potentially harmful biological effects on local tissues. The purpose of this study was to minimize metal release on the nonprecious metal surfaces by ion beam assisted deposition(IBAD) of titanium nitride (TiN) Ni-Cr-Be alloys with and without TiN coatings were secured in an wear test machine opposing ruby ball to determine their relative resistance to wear with loom, 200m, 300m and 400m sliding distance. And the corrosion behavior of the Ni-Cr-Be alloys with and without TiN coatings and 3 dental noble alloys have been studied. Potentiodynamic curves were used to analyse the corrosion characteristics of the alloys. The measurement of the released Ni and Cr ions was conducted by analysis of the electrolyte solution with atomic absorption spectroscopy. The results were as follows : 1. The critical sliding distance that wore down TiN coatings of $2.5{\mu}m$ thickness in this study condition was 300m. 2. Ion beam assisted deposition of TiN showed a good surface modification with respect to the properties of wear and corrosion resistance. 3. X-ray diffraction showed that the strongest peak of TiN is TiN(111) in the coatings. 4. The release of Ni and Cr ions from alloys measured by means of atomic absorption spectroscopy was reduced by ion beam assisted deposition of TiN.

• The Journal of Korean Academy of Prosthodontics
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• v.44 no.1
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• pp.20-28
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• 2006

Statement of problem: The titanium has advantages of a high biocompatibility, a corrosion resistence, low density, and cheep price, so it is focused as a substituted alloy But it is quite difficult to cast with the tranditional method due to the high melting point, reacivity with element at, elevated temperature. By using the CAD-CAM system for the crown construction, it is possible to reduce the errors while proceeding the wax-up, investing, and casting procedure Purpose: The purposes of this study were to measure the marginal adaptation of the casting titanium coping and machine-milled titanium coping according to the casting methods and the marginal configurations. Material and method: The marginal configurations were used chamfer shoulder, and beveled shoulder. The total 30 copings were used, and these are divided into 6 groups according to the manufacturing method and marginal configuration. The gap between margin of the model and the restoration was measured with 3-dimensional measuring microscope. Results: The following results were obtained; 1. casting gold coping demonstrated the best marginal seal, followed by casting titanium coping finally machine-milled titanium copings. 2. In casting titanium coping, chamfer demonstrated the best marginal seal, followed by shoulder and beveled shoulder. There was no significantly difference in shoulder and beveled shoulder. But all margin form has clinically acceptable 3. In machine-milled titanium copings, chamfer demonstrated the best marginal seal, followed by shoulder and beveled shoulder. Beveled shoulder show large and uneven marginal gap Conclusions: Above result revealed that marginal adaptation of the titanim coping is avail able in the clinical range, it can be used as an alternative metal and it is prefered especially in chamfer or shoulder margin during implant superstructure fabrication. But there should be more research on machine-milled titanium in order to use it in the clinics.

• Journal of the Korean Institute of Electrical and Electronic Material Engineers
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• v.36 no.5
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• pp.454-462
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• 2023

Flash lamp annealing (FLA) of metal nanoparticle (NP) ink has provided powerful strategies to fabricate high-performance electrodes on a flexible substrate because of its rapid processing capability (in milliseconds), low-temperature process, and compatibility with to roll-to-roll process. However, metal NPs [e.g., gold (Au), silver (Ag), copper (Cu), etc.] have limitations such as difficulty in synthesizing fine metal NPs (diameter less than 10 nm), high price, and degradation during ink storage and FLA processing. In this regard, organometallic ink has been proposed as a material that can replace metal NPs due to their low-cost (usually 1/100 times cheaper than metal nano inks), low-temperature processability, and high material stability. Despite these advantages, the fabrication of flexible electrodes through FLA treatment of organometallic compounds has not been extensively researched. In this paper, we experimentally guide how to determine the optimal conditions for forming electrodes on flexible substrates by considering material parameters, and flashlight processing parameters (energy density, pulse duration, etc) to minimize the difficulties that may arise during the FLA of organometallic ink.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.171-209
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• 2008

The Great Depression is one of the most important economic incidents in the twentieth century. A significant and long-lasting impact of this event is the rise of the government intervention to the economy. Under the catastrophic downturn of the economic condition worldwide, people required their government to play an active role for economic recovery, and this $mentalit{\acute{e}}$ prolonged even after the Second World War. Social science textbooks taught at Korean high schools mostly referred to the Great Depression for explaining the reason of government intervention in economy. However, the mainstream view commonly found in the textbooks provides a misleading theological interpretation. It argues that inherent flaws of the market economy causes over-production/under-consumption, and that this mismatch ends up with economic crisis. The chaotic situation was resolved by substitution of the governments for the market, and the New Deal was introduced as the monumental example ('laissez-faire economy ${\rightarrow}$over-production${\rightarrow}$the Great Depression${\rightarrow}$government intervention${\rightarrow}$economic recovery'). Based on economic historians' researches for past three decades, I argue that this mainstream view commits the fallacy of ex-post justification. Unlike what the mainstream view claims, the Great Depression was neither the result of the 'market failure', nor the recovery from the Great Depression but was due to successful government policies. For substantiating this claim, I suggest three points. First, blaming the weakness or instability of the market economy as the cause of the Great Depression is groundless. Unlike what the textbooks describe, the rise of the U.S. stock price during the 1920s cannot be said as a bubble, and there was no sign of under-consumption during the 1920s. On the contrary, a new consensus emerging from the 1980s among economic historians illustrates that the Great Depression was originated from 'the government failure' rather than from the 'market failure'. Policymakers of European countries tried to return to the gold standard regime before the First World War, but discrepancies between this policy and the reality made the world economy vulnerable. Second, the mainstream view identifies the New Deal as Keynesian interventionism and glorifies it for saving the U.S. economy from the crisis. However, this argument is not true. The New Deal was not Keynesian at all. What the U.S. government actually tried was not macroeconomic stabilization but price and quantity control. In addition, New Deal did not brought about economic recovery that people generally believe. Even after the New Deal, industrial production or employment level remained quite low until the late 1930s. Lastly, studies on individual New Deal policies show that they did not work as they were intended. For example, the National Industrial Recovery Act increased unemployment, and the Agricultural Adjustment Act expelled tenants from their land. Third, the mainstream view characterizes the economic order before the Great Depression as laissez-faire, and it tends to attribute all the vice during the Industrial Revolution era to the uncontrolled market economy. However, historical studies show that various economic and social problems of the Industrial Revolution period such as inequality problems, child labor, or environmental problems cannot be simply ascribed to the problems of the market economy. In conclusion, the remedy for all these problems in high school textbooks is not to use the Great Depression as an example showing the weakness of the market economy. The Great Depression should be introduced simply as a historical momentum that had initiated the growth of government intervention. This reform of high school textbooks is imperative for enhancing the right understanding of economy and history.

• Journal of Intelligence and Information Systems
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• v.23 no.4
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• pp.127-146
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• 2017

Services using artificial intelligence have begun to emerge in daily life. Artificial intelligence is applied to products in consumer electronics and communications such as artificial intelligence refrigerators and speakers. In the financial sector, using Kensho's artificial intelligence technology, the process of the stock trading system in Goldman Sachs was improved. For example, two stock traders could handle the work of 600 stock traders and the analytical work for 15 people for 4weeks could be processed in 5 minutes. Especially, big data analysis through machine learning among artificial intelligence fields is actively applied throughout the financial industry. The stock market analysis and investment modeling through machine learning theory are also actively studied. The limits of linearity problem existing in financial time series studies are overcome by using machine learning theory such as artificial intelligence prediction model. The study of quantitative financial data based on the past stock market-related numerical data is widely performed using artificial intelligence to forecast future movements of stock price or indices. Various other studies have been conducted to predict the future direction of the market or the stock price of companies by learning based on a large amount of text data such as various news and comments related to the stock market. Investing on commodity asset, one of alternative assets, is usually used for enhancing the stability and safety of traditional stock and bond asset portfolio. There are relatively few researches on the investment model about commodity asset than mainstream assets like equity and bond. Recently machine learning techniques are widely applied on financial world, especially on stock and bond investment model and it makes better trading model on this field and makes the change on the whole financial area. In this study we made investment model using Support Vector Machine among the machine learning models. There are some researches on commodity asset focusing on the price prediction of the specific commodity but it is hard to find the researches about investment model of commodity as asset allocation using machine learning model. We propose a method of forecasting four major commodity indices, portfolio made of commodity futures, and individual commodity futures, using SVM model. The four major commodity indices are Goldman Sachs Commodity Index(GSCI), Dow Jones UBS Commodity Index(DJUI), Thomson Reuters/Core Commodity CRB Index(TRCI), and Rogers International Commodity Index(RI). We selected each two individual futures among three sectors as energy, agriculture, and metals that are actively traded on CME market and have enough liquidity. They are Crude Oil, Natural Gas, Corn, Wheat, Gold and Silver Futures. We made the equally weighted portfolio with six commodity futures for comparing with other commodity indices. We set the 19 macroeconomic indicators including stock market indices, exports & imports trade data, labor market data, and composite leading indicators as the input data of the model because commodity asset is very closely related with the macroeconomic activities. They are 14 US economic indicators, two Chinese economic indicators and two Korean economic indicators. Data period is from January 1990 to May 2017. We set the former 195 monthly data as training data and the latter 125 monthly data as test data. In this study, we verified that the performance of the equally weighted commodity futures portfolio rebalanced by the SVM model is better than that of other commodity indices. The prediction accuracy of the model for the commodity indices does not exceed 50% regardless of the SVM kernel function. On the other hand, the prediction accuracy of equally weighted commodity futures portfolio is 53%. The prediction accuracy of the individual commodity futures model is better than that of commodity indices model especially in agriculture and metal sectors. The individual commodity futures portfolio excluding the energy sector has outperformed the three sectors covered by individual commodity futures portfolio. In order to verify the validity of the model, it is judged that the analysis results should be similar despite variations in data period. So we also examined the odd numbered year data as training data and the even numbered year data as test data and we confirmed that the analysis results are similar. As a result, when we allocate commodity assets to traditional portfolio composed of stock, bond, and cash, we can get more effective investment performance not by investing commodity indices but by investing commodity futures. Especially we can get better performance by rebalanced commodity futures portfolio designed by SVM model.

• Journal of Korean Ophthalmic Optics Society
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• v.5 no.1
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• pp.107-116
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• 2000

This study is of investigation of refraction error, spectacles and contact lenses wearing state, visual acuity test, ophthalmologic common sense and vision care, using questionnaire study for 850 male and female high school students in Kunsan and Chongup City, Cheolla North Province. The results are as follows: 1. Among the 823 answerers, emmetropia is 18%, myopia is 55.1%, and hyperopia is 7%, respectively. 2. Among the 837 answerers, 381 students(45.5%) wear spectacles or contact lenses. Among the 381 students who wear spectacles or contact lenses, 78% wear only spectacles, 4% wear only contact lenses and 18% wears spectacles sometimes or contact lenses sometimes. 3. The places where the answerers had visual acuity test to wear spectacles or contact lenses are optical shop(64.7%), hospital(28.3%), unchecked(4.2%) and the others(2.7%). The places where the answerers had visual acuity test to change their spectacles or contact lenses are optical shop(82%), hospital(28.3%), unchecked(6.6%) and the others(1.9%). 4. As for the period of visual acuity test, from 6 months to one year is 54.1%, within 6 months is 9.2%, from one year to two years is 29.5%, and more than two years is 7.2%. 5. The contact lens wearers purchased their contact lenses at optical shops(94%) and at hospital(6%). 6. The reasons why they like wearing contact lenses are their appearance(51.2%), convenience in physical excercise(23.l%), lighter weight than spectacles(9.8%) and the others(15.7%). 7. As for the spectacles frame they like, plastic frame is 24.4%, gold or silver plated frame is 43.4%, coloured frame is 32.1%. 8. As for the considerations in choosing spectacles frame, their design is 37%, their quality is 36%, their price is 14.7% and their brand is 12.5%. 9. As for the period for changing spectacles, 10.5% is within 6 months, 57.3% is 6months to 1 year, 22.4% is 1 year to 2 months and 9.6% is more than 2 years. 10. There is a false fact, in Korea, that even though one has his poor eyesight, not wearing custom is helpful for the eyesight recovery. As for their conviction of the false fact, 10.5% of the answerers have 100% conviction, 22.5% of them have 22.5% conviction, 49.5% of them have 50% conviction and 17.5% of them don't have any conviction. 11. 48.5% of the answerers are interested in their vision care while 51.5% of them are not interested at all. As for the way of vision care, the vision-care way to keep enough distant when they are watching TV, when they are using computers and when they are reading, is 49% while the vision-care way such as hypogastric breathing or eye massage is 11%. And alimentotherapy is 4% and the rest who are not interested in vision care is 36%. 12. When they come to an age, the students who want vision correction operation are 45.9% while the students who do not want it are 27%. The students who do not have any idea about the operation are 27.1%